Career advancement

The chair and CEO of the M&T division considers herself a "builder-fixer" and has sought out new challenges and opportunities throughout her more than 30-year career.

Barry Sommers comes in for high praise amid his firm's attempts to move beyond the banking scandals of its past.

The move brings the 28-year industry veteran from a firm where independent planners make up less than 5% of the advisory headcount to one where they are the majority.

Brendan Krebs sees his firm as standing out with its three-pronged structure: a traditional wirehouse, branch-based advisory and an independent channel.

The shuffling comes halfway through the longtime CEO's five-year retention package.

Recruiters say the moves show how wirehouses will continue to fight an uphill battle as they struggle to keep experienced teams from moving on in the coming year.

Greg Wilson of the Wall Street giant's Asset & Wealth Management unit wants to provide employees with tailored plans using a blend of technology and personal financial coaching.

Industry recruiters see the changes as intended to make client assets and advisory teams "stickier" and to retain executive talent.

With few new advisors coming into the industry but total U.S. assets growing rapidly, Morgan Stanley, Wells Fargo, Merrill and others are having to up their compensation game and distinguish themselves in other ways if they want to capture a larger share of the wealth pie.

At least one industry consultant thinks the large fintech provider has lost its "innovative spirit" since Bill Crager took over from his fellow founder in 2019.